2. Table 1 below shows the number of baskets produced by a Bentle Weavers in the short run using three machines and labour. Use this table to answer the question below Capital 3 3 3 3 3 Labour 0 1 2 3 4 Total Product 10 Marginal Product 15 What is the maximum value of total product for this firm? a) 48 b) 25 c) 10 d) 40 Average Product 16 10

5) can i get help with this question

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shows the long-run average costs for three firms. Quantity Ali's Hats 1 2 3 4 5 6 7 $110 60 90 115 150 220 300 Bodi's Bats $110 80 70 70 70 70 90 Cody's Mats $110 90 80 70 50 20 30 a) In which industry, Hats, Bats or Mats, would there likely be many small firms? Industry: (Click to select) · b) In which industry, Hats, Bats or Mats, would there likely be firms of many different sizes? Industry: (Click to select) - c) Which industry Hats Bats or Mats, would likely be dominated by a few large firms? Industry (Click to select) Hats Bats Mats

(Figure: Determining Marginal Returns) Based on both the table and the figure, adding a third worker leads to marginal returns. Average Product and Marginal Product Output 1 2 3 14 Labor 5 6 17 12 10 8 6 4 8 9 10 0 -2 BAY constant 2 Total Product O negative 5 12 21 31 40 48 54 57 57 increasing 54 diminishing 4 MP 5 7 9 10 9 8 6 3 0 3 6 Workers AP 5 6 7 7.75 8 8 7.71 7.12 6.33 5.4 8 10 12

4. At Alan's landscaping firm, labor is fixed in the short run. Increasing his use of capital always leads to additional output and his production function exhibits both increasing and diminishing marginal returns to capital at different points. Using a two-panel diagram, sketch the marginal, average, and total product of canital at Alan's firm. Your diagram does not need to be to scale, but must be internally consistent and consistent with both the information given and economic theory. Explain your diagram and the relationship between the different curves.

Question When do firms decide to shut down production in the short run? Explain it. How is the short run average cost curve and the long run average cost curve shaped? What is the difference between them? Graphical representation of the short-run total cost curve showing total cost, fixed cost, variable cost: and  The marginal cost and average total cost:

Please kindly provide solution for b & C

Labor (workers) Output 0 20 50 70 80 85 OAN 345 0 The table above shows a total product schedule. Suppose that labor costs $20 per worker and fixed costs are $60. The total cost of producing 80 units equals O less than $5. O more than $5 and less than $110. O more than $110 and less than $120. O more than $120 and less than $150. DIS O more than $150.

7. A firm can build a plant of three different sizes. The short-run average total cost curves of each size plant are as follows: Plant A Plant B Plant C Output Average Total Cost Output Average Total Cost Output Average Total Cost 1 20 20 30 20 50 5 18 40 20 50 20 10 15 60 10 400 3 20 20 80 20 600 8 25 40 100 50 800 20 What is the long-run average cost of producing 20 units of output? Why?